At some point, almost every single family is going to wonder when the absolute best time to buy a home is. A home is typically one of the biggest investments that anyone will ever make in their lifetime, and that means this is not a decision that should be taken lightly. Anyone who has recently been debating buying a home should consider these four reasons why now might be the best time to invest in real estate.
It Is Cheaper Than Renting
It may seem counterintuitive, but the studies now show that buying a home is actually cheaper than renting. One of the most common reasons that families do not purchase a home is because they believe owning is more expensive than renting. Within seven years or less, however, the overall cost of owning a home is much lower than renting with much more financial stability year after year.
It Builds a Family’s Wealth
Pouring money into rent every single month has no return-on-investment outside of temporarily providing a family with a place to live. When this money is invested into a home, though, a family will be constantly building their wealth. Within just a few short years, mortgage payments will build equity and a growing real estate market will further increase their wealth and assets.
One of the biggest benefits of owning a home is being able to customize it in any way imaginable and many are surprised to hear just how affordable remodeling projects can be. In most rental units, the residents have little or no choice when it comes to any structural or mechanical changes. Within a home that you own, however, you can make as many or as few changes as you would like when it comes to everything from the paint scheme to the layout of the kitchen. Custom homes in Orangeville and around the nation give you the power to choose the specifics of your floor plan, letting you design the home of your dreams.
Home Loans Are Easy to Qualify For
There are currently more houses on the market than there are people looking to purchase a new houses. This means that banks and other financial institutions are not making as much money on home loans as they would like and are approving applications at a very high rate. For those who would like to save money, this also means that loans are at some of the lowest rates in over 10 years, which means better efficiency when building equity.
Purchasing a new home is a major decision for anyone, but now is a great time to begin looking at investing in real estate for anyone that wants a custom, comfortable, and affordable home of their own.